SHANTUI(000680) 东吴证券·2025-04-23 07:33Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a 2024 performance that exceeded market expectations, with a 40.7% year-on-year increase in net profit attributable to shareholders, driven by strong domestic and international growth [2] - The company achieved a total revenue of 14.22 billion yuan in 2024, representing a year-on-year growth of 25.1% [2] - The company is a leading player in the domestic bulldozer market, holding over 60% market share, and is expected to benefit from the recovery of the domestic construction machinery cycle [2] - The company has successfully enhanced its overseas brand presence, achieving 7.41 billion yuan in overseas revenue, a year-on-year increase of 26.1% [2] - The company’s gross profit margin improved to 20.1% in 2024, up 1.6 percentage points year-on-year, with significant cost control measures contributing to this improvement [3] - The company announced a share buyback plan of 150 to 300 million yuan to boost internal vitality and investor confidence [4] Financial Summary - The company forecasts a net profit of 1.39 billion yuan for 2025 and 1.60 billion yuan for 2026, with a new forecast of 1.85 billion yuan for 2027 [4] - The earnings per share (EPS) is projected to be 0.73 yuan for 2025, 0.92 yuan for 2026, and 1.06 yuan for 2027 [4] - The price-to-earnings (P/E) ratio is expected to be 10, 9, and 8 times for 2025, 2026, and 2027 respectively [4]